资产评估:不是"标准产品"

编者按: 资产评估业务承揽中的压价竞争,严重影响了资产评估服务市场的规范运行,也严重损害行业的形象.自然引起业内外人士的极大关注本期将就此问题展开讨论.     

Steward Effects of Target Founder-CEO in Takeovers

Built upon the agency theory and the stewardship theory, this study examines the mergers and acquisitions (M&A) activities among Chinese publicly listed firms. Using a founder-CEO indicator, we separate steward effects from agency effects, and find that Chinese firms’ M&A activities are significantly influenced by the steward factors after controlling for the agency factors. Firms, of which CEO is a founder, enjoy relatively higher premium during M&A. Further investigation reveals that the steward effects vary in the power of CEO. The results show that steward effect is reinforced when founder-CEO is more powerful.     

Information congruity in scarcity appeal: A structural equation modeling study of time-limited promotions

Although market scarcity such as time restriction is widely used in retail advertisements, its impact on product message processing and product evaluation is still subject to controversy. In this study, analyses through structural equation modeling indicated that (i) scarcity had no impact on product message processing, (ii) scarcity had a direct impact on product evaluation as a heuristic cue when the value inferred from scarcity was congruous with the worth derived from product message, and (iii) scarcity lost its impact on product evaluation when the value inferred from scarcity was incongruous with the worth derived from product message, and the incongruity prompted scrutiny of product message, resulting in a mediated impact of product message on product evaluation through product message processing. In conclusion, the results supported an information congruity theory of market scarcity.     

A membership pricing policy to facilitate service scale-expansion

This paper proposes a multi-year membership pricing policy for a service business like a gym chain. In the pricing policy, the equivalent membership price per year is relatively low to attract customers, and the multi-year membership fees must be prepaid in full. The prepaid cash provides resources for scale-expansion by opening new stores. We develop a nonlinear mixed integer programming model to formulate the pricing decisions. Numerical experiments reveal that the multi-year membership pricing policy, from a long-term perspective, is substantially better than the business-as-usual pricing policy (1-year membership) in cash balance, profit, and market share. Yet, the performances of the two pricing policies do not differ much from a short-term perspective. These findings indicate that the multi-year pricing policy may be a good strategy, because it initially attracts less attention of competitors; suddenly it emerges and substantially outperforms its competitors in cash balance, profit, and market share.     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

文化产业:全球化背景及其对策

全球化的发展形势逼人,我们必须把握好机遇,做好准备,积极推进文化产业的国际化进程。从当前来看,首先要面对的是全球经济一体化以后,如何调整文化心态,文化产业如何迎接机遇与挑战。概括的说,这包括三个方面:第一,树立竞争意识和危机意识;第二,处理好民族特色与文化产业国际化的关系,发展壮大自己;第三,在文化产业的国际化进程中必须注意中国文化安全。     

Pointing Out Differences: Consumer Evaluations of Comparative Information Across Product Types

The purpose of this study is to investigate the impacts of comparative claims across search and experience product types. Data was obtained from 159 Taiwanese college students. Results reveal that comparative claims used in blogs (compared to those in print ads) produce lower counterarguments and consumers more easily accept claims made on a blog. Comparative claims lead to higher brand attitude and purchase intention for search products on the blog; however, noncomparative ads lead to higher brand attitude and purchase intention for experience products on the blog. For both search and experience products, there is no significant difference.     

新冠肺炎疫情下高校管理面临的挑战及对策研究

作为社会人才培育的主要阵地,高等院校应对困难打赢“疫情”战,不仅关系到高校本身的安危,更关系到经济社会持续稳定发展。基于此本文考察了在新冠疫情下,高校管理所要面临的挑战、机遇以及应对措施。新冠疫情使得高校管理内容复杂、形势严峻、时效迫切,但是借此一“役”,高校亦可锤炼自身管理队伍,并积极开展爱国教育、生命教育和生活教育,健康档案建立、教学方式创新、学生返校监督、优化管理制度并完善物资储备是解决此次疫情的重要手段。     

Organisational regulatory legitimacy,entrepreneurial orientation,and SME innovation: an optimal distinctiveness perspective

The optimal distinctiveness perspective argues that firms face competing pressures to be both ‘like’ and ‘different from’ their peers. On the one hand, institutional scholars assert that firms need to be similar to peers in order to gain legitimacy. On the other hand, strategy scholars insist that firms need to strive to be different to gain competitive advantage. In order to enrich the optimal distinctiveness perspective, the present study builds a conceptual model that addresses the relationships among organisational regulatory legitimacy, entrepreneurial orientation, and SME innovation under the context of China’s transition economy. Our empirical results show that organisational regulatory legitimacy has an inverted-U relationship with SME innovation. Further, entrepreneurial orientation strengthens this inverse-U shaped relationship. That is, entrepreneurial orientation magnifies both the positive and the negative effect of organisational regulatory legitimacy on SME innovation. This study echoes to the call to conduct broader optimal distinctiveness research by integrating institutional theory and strategic management. Furthermore, our findings provide new evidence for the strategic balance perspective of optimal distinctiveness.